Market overview
The global solar energy market is worth USD 428 bn in 2026 and is forecast to reach USD 767 bn by 2036, growing at a 6.0% CAGR. China is the largest country market and Utility-scale is the largest by application segment.
| Scope | Solar photovoltaic energy systems installed each year, covering modules, inverters, mounting, balance of system and installation for utility-scale, commercial and residential projects. |
|---|---|
| Industry | Services and Utilities |
| Value 2025 | USD 420 bn |
| Value 2026 | USD 428 bn |
| Value 2036 | USD 767 bn |
| CAGR 2026-2036 | 6.0% |
| Volume 2026 | 621,320 MW |
| Volume 2036 | 1,294,230 MW |
| Average price 2026 | USD 689,500 per MW |
| Report price | Starts from USD 1,999 |
| Published | November 2026 |
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Solar Energy market size and forecast, 2026-2036
Source: Compare Market Research analysis.
© 2026 Compare Market Research. All rights reserved.
| Year | Market value |
|---|---|
| 2026 | USD 428 bn |
| 2027 | USD 454 bn |
| 2028 | USD 481 bn |
| 2029 | USD 510 bn |
| 2030 | USD 541 bn |
| 2031 | USD 573 bn |
| 2032 | USD 608 bn |
| 2033 | USD 644 bn |
| 2034 | USD 683 bn |
| 2035 | USD 724 bn |
| 2036 | USD 767 bn |
Solar Energy market segmentation
By application
Source: Compare Market Research analysis.
© 2026 Compare Market Research. All rights reserved.
| Segment | Share 2026 | Share 2036 | Value 2026 | CAGR 2026-36 |
|---|---|---|---|---|
| Utility-scale | 58.0% | 53.3% | USD 248 bn | 5.1% |
| Commercial and industrial | 22.0% | 24.4% | USD 94.2 bn | 7.1% |
| Residential | 20.0% | 22.2% | USD 85.7 bn | 7.1% |
By component
Source: Compare Market Research analysis.
© 2026 Compare Market Research. All rights reserved.
| Segment | Share 2026 | Share 2036 | Value 2026 | CAGR 2026-36 |
|---|---|---|---|---|
| Modules | 32.0% | 27.9% | USD 137 bn | 4.5% |
| Inverters and power electronics | 11.0% | 12.7% | USD 47.1 bn | 7.5% |
| Balance of system and installation | 50.0% | 47.8% | USD 214 bn | 5.5% |
| Storage-integrated systems | 7.0% | 11.6% | USD 30.0 bn | 11.5% |
By technology
| Segment | Share 2026 | Share 2036 | Value 2026 | CAGR 2026-36 |
|---|---|---|---|---|
| Monocrystalline silicon | 85.0% | 74.3% | USD 364 bn | 4.6% |
| Thin film | 4.0% | 3.3% | USD 17.1 bn | 4.1% |
| Tandem and advanced cells | 4.0% | 17.6% | USD 17.1 bn | 22.9% |
| Other crystalline | 7.0% | 4.8% | USD 30.0 bn | 2.1% |
By system type
| Segment | Share 2026 | Share 2036 | Value 2026 | CAGR 2026-36 |
|---|---|---|---|---|
| Grid-tied | 78.0% | 74.0% | USD 334 bn | 5.4% |
| Off-grid | 8.0% | 9.0% | USD 34.3 bn | 7.3% |
| Hybrid with storage | 14.0% | 17.0% | USD 60.0 bn | 8.1% |
By installation
| Segment | Share 2026 | Share 2036 | Value 2026 | CAGR 2026-36 |
|---|---|---|---|---|
| Ground-mounted | 62.0% | 58.0% | USD 266 bn | 5.3% |
| Rooftop | 30.0% | 30.0% | USD 129 bn | 6.0% |
| Floating and building-integrated | 8.0% | 12.0% | USD 34.3 bn | 10.4% |
Top 25 countries for solar energy by revenue
Countries are ranked by revenue earned from sales in the country, not by where the product is made. The ten largest hold 83.5% of 2026 revenue and the 25 countries below together hold 95.7%.
Source: Compare Market Research analysis.
© 2026 Compare Market Research. All rights reserved.
| # | Country | Value 2026 | Share 2026 | Value 2036 | CAGR 2026-36 |
|---|---|---|---|---|---|
| 1 | China | USD 154 bn | 36.0% | USD 236 bn | 4.4% |
| 2 | United States | USD 60.0 bn | 14.0% | USD 111 bn | 6.4% |
| 3 | India | USD 38.6 bn | 9.0% | USD 94.4 bn | 9.4% |
| 4 | Germany | USD 21.4 bn | 5.0% | USD 34.5 bn | 4.9% |
| 5 | Brazil | USD 17.1 bn | 4.0% | USD 31.5 bn | 6.3% |
| 6 | Spain | USD 15.0 bn | 3.5% | USD 25.3 bn | 5.4% |
| 7 | Japan | USD 15.0 bn | 3.5% | USD 23.0 bn | 4.4% |
| 8 | Australia | USD 12.9 bn | 3.0% | USD 23.8 bn | 6.3% |
| 9 | Italy | USD 12.9 bn | 3.0% | USD 21.5 bn | 5.3% |
| 10 | Saudi Arabia | USD 10.7 bn | 2.5% | USD 34.5 bn | 12.4% |
| 11 | France | USD 8.8 bn | 2.0% | USD 15.7 bn | 6.0% |
| 12 | United Kingdom | USD 6.0 bn | 1.4% | USD 10.7 bn | 5.9% |
| 13 | Mexico | USD 4.8 bn | 1.1% | USD 8.5 bn | 5.9% |
| 14 | Chile | USD 4.1 bn | 1.0% | USD 7.3 bn | 5.9% |
| 15 | South Africa | USD 3.6 bn | 0.8% | USD 7.1 bn | 7.0% |
| 16 | Turkey | USD 3.3 bn | 0.8% | USD 6.4 bn | 6.9% |
| 17 | Netherlands | USD 3.0 bn | 0.7% | USD 5.4 bn | 6.0% |
| 18 | Poland | USD 2.8 bn | 0.7% | USD 5.0 bn | 6.0% |
| 19 | South Korea | USD 2.6 bn | 0.6% | USD 4.7 bn | 6.0% |
| 20 | Egypt | USD 2.5 bn | 0.6% | USD 4.8 bn | 6.9% |
| 21 | Pakistan | USD 2.4 bn | 0.6% | USD 4.6 bn | 6.9% |
| 22 | United Arab Emirates | USD 2.2 bn | 0.5% | USD 4.4 bn | 7.0% |
| 23 | Vietnam | USD 2.1 bn | 0.5% | USD 4.6 bn | 8.0% |
| 24 | Philippines | USD 2.1 bn | 0.5% | USD 4.1 bn | 7.1% |
| 25 | Indonesia | USD 2.0 bn | 0.5% | USD 3.8 bn | 6.9% |
| Rest of world | USD 18.4 bn | 4.3% | USD 34.1 bn | 6.4% |
Source: Compare Market Research analysis.
© 2026 Compare Market Research. All rights reserved.
Competitive landscape
Group 1: Global leaders
- LONGi
- JinkoSolar
- Trina Solar
- JA Solar
- First Solar
- Sungrow
- Hanwha Qcells
- Aiko Solar
- Astronergy
- GCL Technology
Group 2: Regional and specialist players
- Canadian Solar
- Huawei
- SMA Solar
- Enphase Energy
- SolarEdge
- Tongwei
- Waaree Energies
- Premier Energies
- Risen Energy
- Fronius
Group 3: Emerging and niche players
- Meyer Burger
- Oxford PV
- Maxeon Solar Technologies
- Heliene
- Silfab Solar
- Hevel Group
- Saule Technologies
Research methodology
Every figure on this page comes from the research framework that we apply to all of the markets we cover. The 2025 base for the solar energy market is built from the volume sold and the price that buyers pay, and is cross-checked against the size of the wider industry the market belongs to. Where a market can be sized in more than one way, the routes are compared before a figure is set.
The forecast runs year by year from the 2025 base to 2036. Growth in each year reflects demand from the industries that buy the product, adoption of new technology, pricing, regulation and replacement cycles. Volume and price are modelled together, so revenue in each year equals volume multiplied by average price. The 2026 to 2036 compound annual growth rate of 6.0% is calculated from the resulting values.
The market is divided by application, by component, by technology, by system type, by installation. The 25 largest countries are ranked by revenue earned from sales to buyers in each country, not by where the product is made. Segment values and country values add up to the market total in every year, and every report is checked for consistency before it is published.
Companies are placed in three groups: global leaders, regional and specialist players, and emerging and niche players. The groups describe how companies compete in the market. They are not a ranking and they are not market shares.
Our analysts also carry out primary research. Customized reports add interviews with key opinion leaders, such as senior executives, technical specialists and buyers, to test the assumptions behind the numbers for the question being asked.
Frequently asked questions
How big is the solar energy market?
The global solar energy market is estimated at USD 420 bn in 2025 and USD 428 bn in 2026.
How fast will the solar energy market grow?
It is forecast to reach USD 767 bn by 2036, a compound annual growth rate of 6.0% from 2026, an increase of USD 339 bn.
Which country is the largest market for solar energy?
China is the largest market by revenue at USD 154 bn in 2026, 36.0% of the global total. The three largest countries together hold 59.0%.
Which country is growing fastest?
Among the ten largest markets, Saudi Arabia is growing fastest at 12.4% a year from 2026 to 2036.
Which solar energy segment is largest?
In the by application split, Utility-scale is the largest segment with 58.0% of 2026 revenue.
Who are the leading solar energy companies?
Global leaders include LONGi, JinkoSolar, Trina Solar, JA Solar.
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